UAE economy to post 3% growth

Stocks in the UAE hit a three-month high yesterday after a government minister predicted the economy would expand this year, countering widespread expectations of a contraction.

The country’s economy is on track to achieve 3 per cent growth by the end of the year, with the recovery propelled by the private sector, according to Sheikha Lubna Al Qasimi, the Minister of Foreign Trade.

The forecast, one of the most upbeat to be made by a minister this year, comes after comments from Sultan al Mansouri, the Minister of Economy, who said the country’s economy would start to grow again by the fourth quarter of this year.